The KYC and AML/CFT Challenge

We are witnessing an unprecedented increase in regulatory compliance, especially around Anti-Money Laundering (AML) and Know Your Customer (KYC). Current infrastructures for procedures are failing under increasing, industries-wide regulatory demand for customer identity verification.

Outdated, laborious and expensive KYC processes, the lack of data availability for electronic checks, language barriers, and ambiguous and unclear interpretation of legal directives, are just some of the big problems facing businesses that are required to verify identities.

This is resulting in increased customer attrition, reduced client on boarding and outright exclusion of the digitally unborn.

Users are frustrated with the constant need to share the same personal data with multiple companies.

They distrust security and fear the risk of identity theft from overexposure of their private information through insecure data transfer and storage facilities.

Blockchain-secured identity verification is the solution

KnowMeNow is building an autonomous framework that will allow customers to create, and own, their own identity profiles on their smartphones, whilst at the same time allowing regulated businesses to perform inexpensive, permission-based KYC reviews in a much faster, more reliable and compliant manner than ever before using the unique features of the blockchain technology.

A complete and radical transformation of the on boarding journey for the customer and vendor.

Total control over customer data access and ownership will result in greater sense of security and confidence in applying for KYC.

More insight for verifiers through recorded and verified customer profile history will reduce risk and improve compliance.

Higher volumes of transactions, with lesser risk of fraud, will result in increased revenues for vendors.

Vendors will also have the opportunity to capture a percentage of the unbanked market share by finally giving them access to services from which they are currently excluded.

Our Mission

We are frustrated by the increase in identity theft and lack of progress in protecting the public. KnowMeNow is motivated by four primary drivers:

To be a primary agent in the fight against cybercrime

To allow entities to trade more freely by lowering the risk of fraud and hugely damaging compliance breaches

To thwart fraudsters and conmen who damage the lives of ordinary people

Harnessing the power of the blockchain technology to tackle the problem

How the KnowMeNow Framework Works

KnowMeNow are building a secure, blockchain-based wallet that customers will install on their smartphones to create and store their personal data. This includes identity documents, addresses, and any Personal Identifying Information (PII) that may be required under regulation to access a service.

The information can be independently verified by trusted third parties, such as identity service providers, brick & mortar regulated agencies, governments and trusted professionals, such as lawyers. The verified data is digitally signed and stamped by the trusted third party and a hash is stored on the blockchain. Customers who apply for services requiring verification of their identity can now securely share their trusted and verified identities with vendors.

Customers now gain back full control of their PII, as it is stored on their smartphone and shared only with their permission. Customers now determine who gets to see the data, which personal data from their wallet is shared and who can verify it.

An autonomous framework that is trusted by all since it is not owned by anyone

Designed to be open for adoption by different jurisdictions, industries and regulations

An identity technology accepted everywhere as it is agnostic to specific regulations

You are kindly requested to submit a valid email to be able to download the KnowMeNow Whitepaper.

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Who is KnowMeNow for?

Companies

Regulated businesses in every sector such as finance, insurance, gaming, both online and offline, that need to meet KYC/AML compliance for their clients.

Unregulated businesses and social media, who want to know their customers to combat fraud, assist in risk profiling to offer risk based pricing. This is true, for example, for the car rental and insurance sector.

Governments at a national and international level who waste a staggering amount of taxpayers funds through identity fraud and manipulation.

Act as a passport for social inclusion, removing the barriers that keep many people, such as 'the unbanked', or new immigrants, from participating in many sectors of the economy.

Users

Customers who who use online and offline regulated and unregulated services required to go through a laborious application procedure during onboarding. Customers who are frustrated by:

Pain of going through KYC when they want a service

Frustration of going through same KYC service time and time again

Frustration at not getting full service until a known customer

Difficulty in international trading due to lack of trust

Fear of sharing personal data

Why KnowMeNow will set new standards

Frictionless KYC

KnowMeNow will have all the data ready, updated and compliant, allowing instantaneous on-boarding without ever needing any external or internal verification.

Sharing of data

With user consent, the data collected and verified, is shared and re-used.

Future proof

Regulatory compliant

The KnowMeNow ID will be compliant with regulations in all jurisdictions, including AML4 and GDPR. As specific regulations change, and new ID elements are required, only the new elements needed will be collected.

Community based monitoring

To fulfil regulatory monitoring obligations, clients will be monitored against global sanctions and PEP lists on a daily basis by the ecosystem participants.

Know Your Business

One of the first blockchain applications to extend the KYC offering to include Know Your Business regulatory compliant checks.

Consent driven

Data is never shared, used, or re-used, without the full consent of the user. This is a core principle of KnowMeNow.

Access to ALL Leading KYC IDVs

KnowMeNow clients get exclusive access to every trusted, approved and verified IDV provider within its ecosystem.

The KnowMeNow Ecosystem

The currency in our ecosystem is our own cryptocurrency called KME. It will be the only currency accepted for KnowMeNow transactions in our ecosystem.

Users will be incentivised with KME payouts every time they share their profiles with verifiers, which will create a constant supply of KMEs in our ecosystem. When companies want to buy KnowMeNow services in our ecosystem they will need KMEs for the transactions.

Companies can buy KMEs from exchanges, or individuals, in the same way they do with any other cryptocurrency, and as large businesses start to adopt our services the demand for KMEs will increase. Users holding KMEs will have an option to sell their coins to these entities through exchanges.

We will fix the price per transaction for KnowMeNow services to a Euro equivalent so when the value of KMEs rise the amount of KMEs needed to transact will go down. We control the pricing model for transactions within our ecosystem so as the value of KMEs rises we can lower the price per transaction for our services. This way the speculation of the coin will never impact the cost of our service.

Plus, as with established benchmarks, the value proposition of KMEs will naturally enhance by having a finite amount of KMEs in issue.

KnowMeNow Token Details

Token Symbol

Price

1 KME = €0.10

Minimum contribution

No minimum applies after the presale has ended

Recommended Minimum Purchase per Person

10,000 KMEs (€1,000)

Maximum contribution and supply of tokens

Maximum number of tokens available is 800,000,000 (800 million KME Tokens)

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The Core Team

JitKYC founders, Damian Mifsud and Godwin Schembri, bring both knowledge and proven experience within the Identity Verification and technology industries. They are experts in compliance issues and regulations within multiple industries and jurisdictions.

The JitKYC founding team has been carefully assembled to compliment each member's value to the project. Whilst we are all from diverse backgrounds, with comparable skill sets, experiences and connections in our chosen fields, we all share one common belief. We believe that blockchain technology can be used as a force for good. And we believe JitKYC is one such project whose time has come.

DAMIAN MIFSUDCO-FOUNDER & CEO

Damian has over 15 years of experience in compliance and payments for regulated financial businesses. His career spans some major financial institutions such as Barclays Merchant Services…

DAMIAN MIFSUD
CO-FOUNDER & CEO

Damian has over 15 years of experience in compliance and payments for regulated financial businesses. His career spans some major financial institutions such as Barclays Merchant Services, Omnipay, and MasterCard. Damian is a risk management specialist and the founder of QGen, a global innovative KYC and KYB solution provider for banks, e-wallets, prepaid card issuers, and payday day loan providers. Damian holds a B.Sc. in Business from Buckingham University.

GODWIN SCHEMBRICO-FOUNDER & CTO

Godwin has over 25 years experience in software development in the payments industry. With many years spent as CTO leading product innovation, solution architectures, cloud and mobile deployments …

GODWIN SCHEMBRI
CO-FOUNDER & CTO

Godwin has over 25 years experience in software development in the payments industry. With many years spent as CTO leading product innovation, solution architectures, cloud and mobile deployments, large-scale project planning, technology partnerships, professional training, high volume solutions, quality control, process re-engineering and industry compliance. Godwin was instrumental in the role of a vendor for replacing the payment platforms at Barclays Merchant Services, First Data, Swedbank and other Tier-1 payment providers. In recent years Godwin shared his expertise as an independent consultant and spent more time researching blockchain technology. He has given presentations at international conferences and delivered lectures at the University and Technology Institutes of Malta. Godwin holds a B.Sc. degree in Mathematics and Computing and an MBA in eBusiness.

PHILIP BUGEJACRIMINOLOGIST

Our inhouse criminologist, Philip can smell a crime before it is committed and in addition, is a specialist in Anti Money Laundering and Terrorist Financing, He was involved within the financial crime unit …

PHILIP BUGEJA
CRIMINOLOGIST

Our inhouse criminologist, Philip can smell a crime before it is committed and in addition, is a specialist in Anti Money Laundering and Terrorist Financing, He was involved within the financial crime unit with a large European bank and served as the head of compliance and MLRO for an international law firm. Philip was also briefly involved in the investigations at the Financial Intelligence unit of the Malta Financial Services Authority. Philip is a sought after advisor for Gaming companies setting up operations and licensing in Malta.

ALEX BUSTOSCOMPLIANCE GURU

Alex is a lawyer with nearly 20 years experience in law, banking, risk and financial services. He has worked as a Head of Compliance, Risk, Legal and a Money Laundering Reporting Officer at a number…

ALEX BUSTOS
COMPLIANCE GURU

Alex is a lawyer with nearly 20 years experience in law, banking, risk and financial services. He has worked as a Head of Compliance, Risk, Legal and a Money Laundering Reporting Officer at a number of financial institutions in the UK and Europe, including FX, Investment firms and banking. He has also worked as a financial services consultant in a number of areas including banking, investments, payments, electronic money and asset management.

Alex's background is enhanced by a Masters Degree in EU Law and Politics, an International Diploma in AML, an Investment Compliance Diploma, and a number of other certifications in Investment Operations and Administration, Advanced Operational Risk, Risk in Financial Services, Financial Services Director Certificates, Corporate Finance Regulation and others. He is also involved in a number of academic activities, mainly around exam editing/review for the Chartered Institute for Securities and Investment London in areas of Regulatory Compliance and Financial Crime Prevention.

CLAYTON J. ZAMMMITDIGITAL STRATEGIST

Clayton has over 12 years of experience in the software development, digital strategy and production space. During this time, he has worked for and collaborated with various organisations …

CLAYTON J. ZAMMIT
DIGITAL STRATEGIST

Clayton has over 12 years of experience in the software development, digital strategy and production space. During this time, he has worked for and collaborated with various organisations in Malta, UK, Belgium and Holland, such as Lloyd’s Register and ING Bank. Clayton's areas of specialisation are digital strategy and software functionality. Clayton holds a B.Sc. Business & Computing and B. Com. Management (Hons); and is currently reading an MBA with Edinburgh's Heriot Watt University.

REUBEN PORTANIER ADVISOR - GAMING

Reuben is the former CEO of the Malta Gaming Authority (MGA). With Reuben at the helm, the market regulated by the LGA grew by 34% between 2009 and 2013, whilst he introduced new methods of…

REUBEN PORTANIER
ADVISOR – GAMING

Reuben is the former CEO of the Malta Gaming Authority (MGA). With Reuben at the helm, the market regulated by the LGA grew by 34% between 2009 and 2013, whilst he introduced new methods of regulation which embraced technology and promoted responsible gaming. Reuben was also an advisor to the Government of Malta on Gaming and European Regulatory policy, and held international appointments including as a member of the European Commission's Expert Group on On-line Gaming.Under his management, the MGA was awarded as one of the Global Fast 50 Organisations (for innovation) by the New Europe for two consecutive years, having embraced mobile gaming regulation, initiated the process in identifying how online gaming operators could use cloud technologies in a regulated fashion, designed the frameworks for the establishment of the Responsible Gaming Foundation and the Gaming Malta Foundation.

Reuben is a graduate in Economics (Honours) and holds a Masters degree in Financial Services

WAYNE PISANIADVISOR

Wayne Pisani, is a Grant Thornton partner responsible for the corporate and financial services team in Malta where he deals with a wide range of asset protection structures and global cross-border trust…

WAYNE PISANI
ADVISOR

Wayne Pisani, is a Grant Thornton partner responsible for the corporate and financial services team in Malta where he deals with a wide range of asset protection structures and global cross-border trust and tax planning engagements for international private and corporate clients. Wayne is a member of the International Fiscal Association and contributing author to “European Competition Laws: A Guide to the EC and its Member States”, the leading legal compendium of Competition law in Europe, published by Lexis Nexis. Wayne is a regular panel speaker at Blockchain conferences and has a passion for the security and technological aspects of blockchain technology.

PATRICK TABONEADVISOR - EU INTEGRATION

Patrick Tabone was made Chief of Staff to the Maltese Minister of Foreign Affairs at the age of 26, and was a member of Malta's Core Negotiating Group during Malta's negotiations for accession to …

PATRICK TABONE
ADVISOR – EU INTEGRATION

Patrick Tabone was made Chief of Staff to the Maltese Minister of Foreign Affairs at the age of 26, and was a member of Malta's Core Negotiating Group during Malta's negotiations for accession to the European Union. Mr Tabone played a key background role in media relations and worked especially closely on negotiations in the sensitive environment chapter. He then transferred to Brussels where he served as Chef de Cabinet to EU Commissioner Joe Borg, responsible for Maritime Affairs and Fisheries.

NICK AYTONADVISOR

Nick is a Top100 Fintech Influencer and number 21 on Rise Top100 Blockchain people. A writer, speaker and educator of all things Blockchain and Cryptocurrency …

NICK AYTON
ADVISOR

Nick is a Top100 Fintech Influencer and number 21 on Rise Top100 Blockchain people. A writer, speaker and educator of all things Blockchain and Cryptocurrency. He is London Correspondent for CoinTelegraph and in 2012 designed a Fintech Self Service Pension Platform growing at 131% a quarter. Nick has had 8 Tech start ups and was corporate officer at Siemens, Xchanging and CapGemini. He recently chaired Blockchain Expo at Olympia and is a business architect for Blockchain operating models and runs a series of Blockchain Master Classes lecturing at International Business Schools.

EDWARD EVANSADVISOR

Edward has been working in the financial sector for over 28 years, initially for Smith & Williamson Chartered Accountants before joining HSBC Investment Management in London as …

EDWARD EVANS
ADVISOR

Edward has been working in the financial sector for over 28 years, initially for Smith & Williamson Chartered Accountants before joining HSBC Investment Management in London as a fund manager. 2002, he joined Cantor CFDs, a division of Cantor Fitzgerald and was Head of Sales until 2005 where he left to help establish Altair Financial Services International plc where he was Operations Director and also President of the US subsidiary Symmetrex Inc. He is the owner of Essemtium Capital Limited, an investment company regulated under the Financial Conduct Authority, which utilises foreign exchange as the asset class. Ed was part of the successful Titus Coin ICO and brings invaluable ICO experience to the team.

Edward is a graduate of the University of Southampton United Kingdom (B.Sc. (Hons)) in Politics and International Studies, and obtained an MBA from Cranfield School of Management specialising in finance and strategy.

SRIRAM NATARAJANADVISOR

Sriram is a Cards/ Payments and Fintech specialist with over 27 years of experience spanning across various global markets. Sriram has managed portfolios across retail banking and cards in …

SRIRAN NATARAJAN
ADVISOR

Sriram is a Cards/ Payments and Fintech specialist with over 27 years of experience spanning across various global markets. Sriram has managed portfolios across retail banking and cards in varying economic and business cycles and delivered exemplary results on profitability, cost savings and loss mitigation.

He has successfully led teams in Cards and Retail Banking across Credit & Risk management, Fraud, Collections, Analytics and multiple systems & Operations management in world leading financial institutions -American Express, HSBC, and GE Money.

Sriram brings extensive experience and thought leadership to financial institutions and the payments industry across the world.

Sriram possesses a vast array of skills backed by a track record of successful experience to hold himself as a world class professional in thought leadership combining strategic execution and 'hands-on' delivery.

Presently, Sriram is the President & Chief Operating Officer in Quatrro Processing Services – a global Knowledge Processing Company – leading teams that provide cutting edge Risk Management and Payment services to several financial institutions and online commerce companies around the globe.

STEVIE AQUILINAHEAD OF PROJECTS

Stevie joins the team from one of the big-four audit firms. In her previous role, Stevie focused on the firm's Payment Services offering across Advisory, Tax and Audit. Within the Payment Services space…

STEVIE AQUILINA
HEAD OF PROJECTS

Stevie joins the team from one of the big-four audit firms. In her previous role, Stevie focused on the firm's Payment Services offering across Advisory, Tax and Audit. Within the Payment Services space, her main areas of focus were licensing applications, on-going operational compliance matters, internal audit cycles, business development and strategic opportunities, mergers and acquisitions, disruptive technologies and related emergent trends.

Recently, Stevie was instrumental in the setting up of the Financial Institutions Malta Association which is the first local Association dedicated to financial institution license holders, with a strong focus on payments service providers and e-money institutions.

Formerly holding the post of Economic Analyst at the Ministry of Finance, Malta and Financial Services Advisor at one of Malta's leading law firms, Stevie's background fits neatly with the competencies required for a solutions-driven team. Stevie brings to the table knowledge of the industry from an operational viewpoint, enabling solutions which are not solely compliant with regulatory requirements but also in line with industry practice.

Stevie holds a BA (Economics) from the Kingston University, Greater London and an MA in Financial Services from the University of Malta.

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